Journal for Discounting

Q.

Which of the following statements is not true?

1. The drawer and payee can be same person

2. A bill of exchange can be endorsed (i.e. passed on to another person)

3. Noting charges are expenses of drawer

4. The bill of exchange must contain an order to pay

Q.

On 1st January 2006, Vimal sold goods worth Rs. 20, 000 to Renu and drew a bill on Renu for 3 months. Renu accepted the bill and returned it to Vimal who discounted the bill with the bank on 4th February 2006 @ 15% p.a. The discounting charges will be:

1. Rs 750

2. Rs 500

3. None of the above

4. Rs 3000

Q.

On discounting of a bill of exchange with the bank, the amount of discount is borne by:

1. Drawer

2. Drawee

3. Payee

4. Bank

Q.

Discounting Charges =

1. None of these

2. Amount of Bill Discounted $\times$ Rate +Unexpired Period

3. Amount of Bill Discounted +Rate $\times$ Unexpired Period

4. Amount of Bill Discounted $\times$ Rate $\times$ Unexpired Period

Q.

A bill of Rs. 12, 500 drawn by Shyam is accepted by Ram. Shyam gets its discounted @ 12% p.a. due 3 months hence, the discounting charges borne by Shyam is :

1. Rs. 375

2. Rs. 250

3. Rs. 1, 000

4. Rs. 1, 500

Q.

A sold goods to B for Rs. 20, 000. A will grant 5 % discount to B. B requested A to draw a bill. The amount of bill will be :

1. Rs 20, 000

2. Rs 19, 000

3. Rs 19, 200

4. Rs 20, 200

Q.

Ram gets Mohan’s acceptance for Rs. 12, 000 discounted at 2 months at 12 % p.a. The amount of discount will be :

1. Rs. 80

2. Rs. 40

3. Rs. 240

4. Rs. 120

Q. In the books of drawer, when the bill is discounted, discount account will be:

1. Credited
2. Debited

Q.

A shopkeeper gives successive discount of 15% and20%on a fridge dutidu christmas.if the selling price is₹8160, find the marked price of the fridge .

Q. To gain 25% after allowing a discount of 10%, the shopkeeper must mark the price of the article which cost him ₹ 360 as

1. ₹ 450
2. ₹ 460
3. ₹500
4. ₹ 486